This will be an appeal filed by the assessee up against the purchase of ld. CIT(A)-III, Jaipur dated 16.12.2015 for Assessment 12 months 2012-13 wherein the assessee has challenged the action of ld. CIT(A) in confirming the dis allowance of exemption of Rs. 30,00,000/- claimed u/s 54F regarding the Act.
Shortly claimed, the important points regarding the instance are that throughout the 12 months in mind, the assessee has offered three lands that are agriculture to him for a purchase consideration of Rs. 99,25,000. The assessee has bought another land that is agricultural a consideration of Rs. 32,00,000/- for which deduction u/s 54F has been reported and exact same had been permitted by the Assessing Officer and it is maybe maybe not in dispute before us. The assessee has additionally bought a property that is residential 23.05.2011 for the purchase consideration of Rs. 30,00,000/- within the title of his spouse, Smt. Nikita Jain, and stated deduction u/s 54F for the Act and that is in dispute before us.
The assessee was asked to show cause as to why the claimed u/s 54F of the Act, 1961 may not be disallowed, as the property was not owned in the name of assessee during the course of assessment proceedings. In reaction, the assessee submitted that the consideration for such property ended up being given out of payment of advance of the assessee received from Narvik Nirman & Financiars Pvt. Ltd. plus it had been further submitted that the newest residential household need not be bought because of the assessee in the very very own name neither is it necessary so it must be bought solely inside the name. It absolutely was submitted that the assessee has not yet bought the brand new house in the title of the stranger and entire investment has arrived from the way to obtain the assessee and there clearly was no share through the assessee’s spouse. (more…)